In an interview with ET Now, Mythili Bhusnurmath, Consulting Editor, ET NOW, shares her expectations from the foreign trade policy. Excerpts: ET Now: What is your broad expectation from the foreign trade policy? Mythili Bhusnurmath: Well, it has been delayed by a year. So maybe one will expect a little bit more bang from this policy, but by and large such kind of foreign trade policies, etc, have had very limited impact because the...

MUMBAI: Despite appreciation in the value of rupee against US dollar, the country's export performance is on target and India is expected to achieve one per cent share in global trade before 2007, a top Commerce Ministry official said. "Strengthening of rupee value is a fact of life, yet exports have grown substantially and we do not see any problem in meeting the target of 12 per cent growth in dollar terms for 03-04", Director General of Foreign Trade .L Mansingh told reporters...

NEW DELHI: Commerce secretary Dipak Chatterjee and Director General of Foreign Trade (DGFT) N L Lakhanpal have defended India's export performance during 2001-02 despite a 0.08 per cent decline during the year. Considering the external environment and global trade climate during the period, especially in view of September 11, Indian exporters have performed with grit to prevent any major slippage, they said on Thursday. Chatterjee said India had done "pretty well" in the...

NEW DELHI: The Reserve Bank has asked banks to tighten monitoring of export finance in the wake the over- invoicing scam recently detected by Enforcement Directorate. It has also directed banks to ensure that exports are carried out within the stipulated timeframe for which loans have been given. "It is further reiterated that banks should exercise proper due diligence and ensure compliance with KYC (know your customer) and AML ( anti-money...

ET Now caught up with C Rangarajan, Former Chairman, PMEAC, for his take on the RBI credit policy. Excerpts: Mythili Bhusnurmath: Are you surprised or is this what you had expected? C Rangarajan: The policy is very much on expected lines. It is prudent to wait a little longer and then take a decision on the policy rates. At this moment, we do not know how the monsoon will pan out and the new budget is yet to be unveiled. Therefore, any decision...

NEW DELHI: Leading polyester producer Indo Rama has been given the Special Award for the second highest overall export performance in India by Synthetic & Rayon Textiles Export Promotion Council (SRTEPC) for the year 2001-02. Indo Rama also won awards in the 'man-made fibre yarn blended with natural fibre' category and for recording the highest exports in Latin American countries, a company release said here on Monday. The awards were conferred by Union Textiles Minister...

SINGAPORE: Australia must raise its productivity to improve its export growth as it struggles with a record trade deficit, the country's new trade minister said Monday. "Productivity growth and export growth are inextricably linked. Without rising productivity, Australian businesses and industries can't remain competitive in the global marketplace," Australian Trade Minister Simon Crean said in a speech to the Australian Chamber of...

In an interview with ET Now, Mythili Bhusnurmath, Consulting Editor, ET NOW, shares her expectations from the foreign trade policy. Excerpts: ET Now: What is your broad expectation from the foreign trade policy? Mythili Bhusnurmath: Well, it has been delayed by a year. So maybe one will expect a little bit more bang from this policy, but by and large such kind of foreign trade policies, etc, have had very limited impact...

HYDERABAD: IT software exports from Andhra Pradesh have touched Rs 12,521 cr in 2005-06, a growth of over 51% from last year's Rs 8,270 cr. AP's exports form 12.5% of the total exports from Software Technology Parks of India units across the country. The national exports this year stood at Rs 1,00,809 cr ? a growth of 36% over the pervious year. Speaking at a press conference on Saturday to announce AP's export performance, STPI director (Hyderabad and Bangalore) BV Naidu said,...

By Rana Kapoor Not too long ago, India was grappling with taming its current account deficit (CAD). But over the last two quarters, a combination of policy clampdown on unproductive gold imports and a gradual, albeit sustained, improvement in export performance has helped rein in trade deficit. Reflecting this, CAD forecasts have been scaled down progressively from over $80 billion to less than $40 billion for 2013-14. This is a remarkable...

MUMBAI: The Reserve Bank partly eased restrictions on import of gold dore by allowing refineries to import 15 per cent of their gross annual requirement in first two months and remaining as per export performance. "Refineries are allowed to import dore up to 15 per cent of their gross average viable quantity based on their license entitlement in the first two months for making this available to the exporters on First in First out (FIFO) basis. "Subsequent to this, the quantum of gold dore to...

MUMBAI: BNP Paribas Securities sees the benchmark Sensex touching 22,000 mark in 2014, even as it cautioned over the earnings estimates in medium term. "In the medium term, we remain cautious about earnings estimates and relative valuations. Earnings downgrade cycle is not yet over and we are in the final stages of earnings decline," BNP Paribas Securities India Asia Pacific Strategist Manishi Raychaudhuri told reporters here. "We see Sensex to touch...

NEW DELHI: Issues like high interest rates , weak infrastructure and extension of cheap loans to more export-oriented sectors are expected to figure prominently in the high-level Board of Trade (BoT) meeting to be chaired by Commerce and Industry Minister Anand Sharma tomorrow. The meeting, which will have representation from the ministries of finance , external affairs, MSME and industry chambers and export promotion councils, will suggest steps to...

In an interview with ET Now, Saugata Bhattacharya, Economist, Axis Bank, shares his views on the extension of the interest subvention scheme and the way ahead for 2013. Excerpts: ET Now: The government has extended the interest subvention scheme for one year. How do you read into this? Saugata Bhattacharya: This was on expected lines. This was also needed because we were looking at our export performance relative to...

NEW DELHI: Steel industry was showing signs of recovery with finished steel production growing by 5.6 per cent in the first quarter of 2002 despite an unimpressive export performance. "There are some positive signals with the industry showing signs of recovery from the difficult phase it has been through in the last four years. Demand for flat and non-flat products has been picking up," Minister for Steel BK Tripathy said launching the Website of Sponge Iron Manufacturers Association here.

NEW DELHI: Buoyed by strong export performance, Ajanta Pharma Ltd. has recorded 58 per cent jump in its profit after tax (but before extraordinary items) in the financial year ended March 31, 2005, while its sales surged by 48 per cent during the same period. "Profit after tax but before extraordinary items for the year stood at Rs 7.44 crore against Rs 4.72 crore for the previous year," a company release said. The company's sales for FY04-05 stood at Rs 178.80 crore against Rs...

NEW DELHI: The government is all set to announce the next tranche of export incentives by this week-end as exports tumbled for the seventh straight month in November 2012 by 4.17% to $ 22.29 billion. Imports during the month increased by 6.35% to $ 41.5 billion pushing the trade deficit to $ 19.28 billion painting a grim situation for the months ahead. "It (incentive package) will come hopefully by the end of the week. We are waiting for final confirmation from...

NEW DELHI: India's exports fell for the sixth straight month in October while imports rose marginally, pushing the trade deficit to a 12-month high and prodding the government to say fresh incentives for the industry could be announced soon. October exports fell 1.63% from a year ago to $23.24 billion, while imports rose 7.37% to $44.20 billion, data released by the commerce department on Monday showed. India's trade gap...